Buyers are going into the cooler months looking at a larger selection of homes as the number of new listings outpaced last year. Properties coming online jumped ahead year-over-year by 7% in September with 1,573 compared to 1,475 a year ago. New listings onto the market have increased annually since February of this year, or eight consecutive months.
The number of residential properties available in the region has steadily risen throughout the year and, in August, climbed to the highest level since July 2020. Total inventory reached 3,419 properties, a 23% increase over the 2,789 homes available last year and up 2% from the previous month. August was the third consecutive month with inventory remaining over the 3,000 mark and the 10th consecutive month of year-over-year improvements.
Real estate transactions got a summertime boost as interest rates softened in July. Sales rebounded from a slower June to reach 1,276 closings in July, an 11% increase from last year and a 5% jump from the previous month. The number of home transactions in July was the second highest in 2024.
Bluegrass Realtors® is honored to award 10 scholarships at $2,000 each to local high school seniors for the 2024-2025 school year. Scholarship winners completed applications this spring as part of the Association’s Community Education and Outreach Committee’s goal of helping students, and investing in education, across the 38-county jurisdiction. As part of the application, applicants included an essay on the importance of homeownership.
Housing inventory in June rose above the 3,000 mark for the first time in 2024, reaching 3,065 properties on the market. This is an 18% improvement over the 2,598 homes available last year and the highest June total since 2020. Inventory levels in Central and Southern Kentucky have increased, year-over-year, for eight consecutive months.
Median home prices in May reached $278,000, the highest ever on record. This is up 8% from last year’s $257,200 and up 5% over the previous month. May’s median price marked the 63rd consecutive month of year-over-year price appreciation.
Bluegrass Realtors® is pleased to announce Richard Gibbens as the new CEO for the Association and Imagine MLS in Lexington, Kentucky.
Gibbens previously served as the Executive Director for Southwest MLS (SWMLS), a wholly owned subsidiary of Greater Albuquerque Association of Realtors® (GAAR) in Albuquerque, New Mexico, where he launched many industry first initiatives and implemented innovation into his organization. He was chosen after a nationwide search and will join Bluegrass Realtors® in late July.
For consumers looking to purchase a property, the more data, the better to help with the search. Bluegrass Realtors®, along with Imagine MLS, is thrilled to announce a new partnership with Columbus REALTORS® out of Ohio that will provide MLS subscribers from both associations with increased search capabilities and available residential property data to aid clients and customers.
